News out on Kazakh acquisition, shares go wild on sells:
CORPORATE NEWS RELEASE
TRACER PETROLEUM CORPORATION
NASDAQ OTC BB: TCXXF
Dateline: Calgary, AB. Canada
Date: Monday, April 3, 2000
TRACER ENTERS INTO AGREEMENT TO ACQUIRE 45% OF A SIGNIFICANT PETROLEUM
PROJECT IN WESTERN KAZAKHSTAN
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company") reports that,
further to the news release dated March 3, 2000, it has entered into an
agreement with privately-held Transmeridian Exploration Inc. ("TME") of
London, England, whereby Tracer can acquire a net 45% interest in the South
Alibek Field (the "project") located in the Aktyubinsk region of the
Republic of Kazakhstan. TME is party to a Purchase and Sale Agreement
whereby it has agreed to acquire a net 90% interest in the project. It is
expected that production from South Alibek will commence during the second
half of 2000. Anticipated capital requirements from Tracer and its partners
are for less than US$20 million for the first two years of the project.
Discovered in 1994, the South Alibek Field is a proven but undeveloped
oilfield. Soviet-era testing of Well 29 within the field determined the
presence of two zones, each of about 25 metres of net pay, and proved
undeveloped recoverable reserves of 30 to 60 million barrels within the
Middle Carboniferous (KT2) carbonates in this one well. The South Alibek
Field is an extension of the Alibekmola Field, which has recoverable
reserves of 250 million barrels in the Upper and Middle Carboniferous (KT1
and KT2) carbonates
The South Alibek Field is within good infrastructure, including oil, gas and
product pipelines, electrical systems, roads, towns, and trained oilfield
personnel. There are an additional 9 large fields in the area, including the
adjacent Zhanazhol Field (800 million barrels), and the Kenkiyak Field (162
million barrels), which are each only 25 km from the South Alibek/Alibekmola
Fields. Major oil companies that are active in the region include Exxon
Mobil, Texaco, BP Amoco, Amerada Hess, Shell, Repsol, CNPC (China), and TPAO
(Turkey).
The South Alibek project is a very attractive first investment for Tracer in
Kazakhstan, with low capture and development costs, large quality reserves
with significant upside potential, pre-existing wells and present
infrastructure, within close proximity (25 km) of an oil pipeline with
available capacity. Tracer management is in discussions with various capital
sources to determine the best means to fund the acquisition and development
of the South Alibek project. In addition to the South Alibek Field, Tracer
is seeking additional attractive petroleum development opportunities in the
Caspian Sea region, as well as continuing to pursue major opportunities in
the Islamic Republic of Iran.
On behalf of the Board of,
TRACER PETROLEUM CORPORATION
"David Robinson"
David Robinson
President and CEO
Who are the short sellers? On RB an abusive poster had some sordid interest in the stock until today. |
